Author Topic: Can anyone talk me out of selling?  (Read 213 times)

AliEli

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  • Location: Melbourne Australia
Can anyone talk me out of selling?
« on: October 12, 2017, 09:14:14 PM »
I own 2 properties - one in a rural community where I have lived for 1 year and bought in 2013 (had a tenant for 3 years), and one in a HCOL city where real estate prices are rapidly increasing and I lived in from 2012 until I moved last year.

I just had a sqiz on a real estate site to see what the properties in the HCOL area are doing. The property was in a "cheap" area comparatively, but it has historically had a bad reputation and the prices hadn't moved much in the 5 years since I bought it (under 10% from 2011-2016 when I had it valued last year). It's in a really great location with easy access to the city and amenities. It's currently got a tenant and it's got an ok but not great return.

So, my neighbour is selling, and their property is identical to mine. It is under contract, and the price on it is eye-popping for me. I'm shocked! If I sold now, I'd get enough money that I could payoff  the mortgage of the rural house and have about $50K in change. However, if I sold it, we'd never be able to afford to return to the city. I have a feeling that this is just the start of significant growth (30%+ in one year based on my valuation last year). If I hold on to it, we could return to the property in the future and my partner would earn a significantly higher income in the city.

I feel like a lottery winner right now 😳.